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Dive Brief:
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Hain Celestial is searching for a new CEO after Wendy Davidson left the company after just over two years in the top role. Alison Lewis, who joined the board in September, is serving as interim president and CEO.
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The natural and organic food and beverage maker, known for Terra Chips and its Celestial Seasonings teas, also announced a “comprehensive review” of its portfolio as it considers “a broad range of strategic options to enhance value.”
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Despite its presence in healthier foods and beverages, Hain has struggled with falling revenue and mounting losses. The New Jersey company posted a net loss of $135 million during its most recent quarter, with sales down 11% compared to a year ago, due to a “worse-than-expected performance” in North America.
Dive Insight:
Hain’s board is swiftly making changes after acknowledging the current strategy isn’t working. In its announcement, the board said Davidson was out effective immediately on Wednesday morning and that the company is undertaking an extensive review of its business “in light of recent performance.”
Dawn Zier, who chairs Hain’s board, said now “is the right time to transition to new leadership.” She noted that Lewis, the interim CEO, is a former Kraft and Coca-Cola executive with a track record of growing revenue and using innovation to create value.
Davidson took over Hain in January 2023 and wasted little time making changes to a business that includes everything from Sensible Portions Garden Veggie snacks to Greek Gods yogurt. She refreshed the C-suite, boosted margins, paid down debt, increased marketing, focused on innovation and sold non-core brands. Hain recently announced it also was exploring a sale of its personal care business.
Despite these efforts, the company's financial picture has worsened.
During the first three quarters of 2023, Hain posted net sales of $1.35 billion and recorded a loss of nearly $98 million.
Compare that to the first nine months of its 2025 fiscal year, when Hain had net sales of $1.2 billion and a net loss of $258 million. It recorded sales declines in all five of its major divisions, including snacks, beverages and meal prep.
The souring financial picture has weighed on its shares. Hain’s stock price, which fell by 93% under Davidson’s tenure, was trading below $1.50 on Wednesday— its lowest on record, according to Yahoo Finance.